“MyHome is part of a continuous effort by the Federal Government to provide affordable homes to the rakyat (people)of all levels,” said Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan at the launch of the scheme here yesterday.

Under the scheme, qualified private sector developers will receive an up front incentive of RM30,000 per affordable home sold.

The incentive would cover the 10% deposit required of buyers after the sales and purchase (S&P) agreement is signed.

A 10-year moratorium would apply from the effective date of the S&P agreement, prohibiting a buyer from re-selling or transferring ownership of the home except if the latter is carried out to immediate family members.

The scheme is expected to benefit two categories of households. While MyHome1 is open for households with an income of between RM3,000 and RM4,000, MyHome2 is for those with a household income of between RM4,001 and RM6,000.

Houses under the MyHome1 would cover a minimum of 800 square feet of space with a market price of between RM80,000 and RM120,000 in the peninsula and between RM90,000 and RM120,000 in Sabah and Sarawak.

MyHome2 prices would range between RM120,001 and RM200,000 in the peninsula and between RM120,001 and RM250,000 in Sabah and Sarawak for homes measuring a minimum of 850 square feet.

MyHome2 houses will have three bedrooms and two washrooms as well as basic amenities such as parking spaces, a community hall, a surau and a playground.

Interested buyers must be Malaysians aged 18 years old and above who are buying a property for the first time.

“Qualified buyers will be reviewed by the ministry and a selection will be done through a balloting process,” Abdul Rahman said.